Lawyers from the Kyiv, London and Moscow offices of Chadbourne & Parke have, once again, advised a group of international lenders to Public Joint Stock Company “Kreditprombank” (one of the top 20 largest banks in Ukraine) in connection with their debt and equity interests in Kreditprombank. On 28 February, the lenders sold their 47.783% stake in Kreditprombank to Nikolay Lagun, the majority shareholder of PJSC “Delta Bank”, and their remaining senior and subordinated debt to an affiliate of Delta Bank.
In what was seen as an important deal for the future of Kreditprombank, these transactions were coordinated with the sale of equity by the majority shareholders, so that Kreditprombank now forms part of a larger and stronger banking group.
Chadbourne & Parke has acted for over three and a half years on behalf of a group of over twenty financial institutions from all over the world, on restructuring of an initial debt of more than $400 million owed by Kreditprombank. On September 23 2011, the restructuring was substantially completed with the conversion of over $100 million of the consolidated debt of Kreditprombank into ownership of 47.783% of Kreditprombank. The Chadbourne team has continued to advise the lenders on issues arising since completion of the debt restructuring, culminating in this complex, multi-jurisdictional transaction, for which Chadbourne devised the structure that ensured a clean and smooth exit for the lenders from their investment in Kreditprombank.
The Chadbourne team was led by Charez Golvala, and included Tetyana Dovgan, Anna Putintseva, Oleksandra Soloviova, Maryna Golovko, and Anna Iakubenko (all in Kyiv), Alexandra Neovius, Frances Jenkins and Henry Andreae (in London), and Luke Conner (in Moscow).
